Implementing the Wealth Management Index – Tools to Build Your Practice and Measure Client Success

Introduction xi
<p>CHAPTER 1 Turning a Concept into a Practice 01</p>
<p>The Format 02</p>
<p>The Wealth Management Index Overview 03</p>
<p>The Wealth Management Index 04</p>
<p>Conclusion 11</p>
<p>CHAPTER 2 Building and Operating a Practice 13</p>
<p>What Do You Want to Be When You Grow Up? 13</p>
<p>Partners 21</p>
<p>Broader Ownership 23</p>
<p>Conclusion 32</p>
<p>CHAPTER 3 Growing Your Business 33</p>
<p>Quantitative Prospect Metrics 33</p>
<p>Behavioral Types of Prospects 35</p>
<p>The Prospect Meeting 39</p>
<p>Questions 42</p>
<p>Other Questions 46</p>
<p>Next Steps 47</p>
<p>Conclusion 49</p>
<p>CHAPTER 4 Developing Staff 51</p>
<p>The Client Team 51</p>
<p>Leadership Pipeline 52</p>
<p>Conclusion 52</p>
<p>CHAPTER 5 Training Staff in Using the Wealth Management Index 65</p>
<p>The New Hire Process 65</p>
<p>Conclusion 83</p>
<p>CHAPTER 6 The Work Plan 85</p>
<p>Pre–meeting 85</p>
<p>Post–meeting 87</p>
<p>Agenda 92</p>
<p>Conclusion 92</p>
<p>CHAPTER 7 Objective Setting 95</p>
<p>Asset Protection 95</p>
<p>Disability and Income Protection 98</p>
<p>Debt Management 103</p>
<p>Investment Planning 105</p>
<p>Estate Planning 107</p>
<p>Conclusion 112</p>
<p>CHAPTER 8 Scoring the Wealth Management Index 113</p>
<p>Spreadsheet 114</p>
<p>CHAPTER 9 Asset Protection (Preservation) 117</p>
<p>Components 119</p>
<p>Have You Articulated a Life Insurance Philosophy? 119</p>
<p>What Are Your Concerns Regarding Risks of Large Losses from 128</p>
<p>Medical, Long– Term Care, Property/Casualty, and Personal or Professional Liability Issues?</p>
<p>Have You Defi ned and Protected Your Business Interests? 138</p>
<p>Conclusion 142</p>
<p>CHAPTER 10 Disability and Income Protection (Protection) 145</p>
<p>What Are the Income and Lifestyle Needs and Wants of Your Family 147</p>
<p>Currently and Prospectively?</p>
<p>Have You Evaluated All Current Sources of Income and Potential 159</p>
<p>Changes to These Sources?</p>
<p>Are You Fully Utilizing All Benefits Available to You? 168</p>
<p>Conclusion 189</p>
<p>CHAPTER 11 Debt Management 191</p>
<p>Have You Established Your Philosophy Regarding 192</p>
<p>Using Savings or Credit?</p>
<p>Is Your Type of Debt Appropriate Given Your Wealth–Management 196</p>
<p>Objectives?</p>
<p>Conclusion 201</p>
<p>CHAPTER 12 Investment Planning (Accumulation) 203</p>
<p>Have You Developed an Investment Philosophy? 205</p>
<p>Have You Determined the Mechanics for Managing Your Portfolio 222</p>
<p>and the Evaluation of What Success Looks Like?</p>
<p>Conclusion 228</p>
<p>CHAPTER 13 Estate Planning (Distribution) 231</p>
<p>Have You a Philosophy on Wealth Transfer? 232</p>
<p>Have You Articulated Your Charitable Philosophy or Mission Statement? 244</p>
<p>Have You Planned For Incapacitation, Elder Care Issues, 248</p>
<p>and Final Planning Needs?</p>
<p>Conclusion 251</p>
<p>Epilogue 253</p>
<p>About the Author 255</p>
<p>Index 257</p>